The business world is moving into the digital age, especially over the recent years and Malaysia is not to be left behind. The eCommerce market is one of the fastest growing market segments globally and its rapid growth doesn’t show signs of slowing down anytime soon.
Not sure how to start an online business? Starting an online business, just like starting a brick and mortar business, can be both challenging and rewarding at the same time. And the key to success lies with the ability to understand that an online business goes beyond just setting up a website and hoping to make sales through that website. An eCommerce business, just like everything else, requires planning, time, investment, creativity and of course, the capital to get started.
Do Your Research and learn more about how to start an online business
Just like a regular business, setting up an online eCommerce business is going to require a careful amount of thought, planning and research in order to be able to better cater to the needs of the market you aim to target. The key to succeeding in this area is to:
- Decide on what you’re selling
- Come up with a digital marketing strategy – Identify who your target market.
- Conduct a cash flow analysis
- Identify the start-up costs
- Understand the regulatory framework involved for the business idea
- Establishing the required infrastructure
The Digital Free Trade Zone
The Digital Free Trade Zone (DFTZ) is an initiative to capitalize on the confluence and exponential growth of the internet economy and cross-border eCommerce activities. The DFTZ is set up to facilitate seamless cross-border trade and enable local businesses to export their goods with a priority for eCommerce. DFTZ will provide physical and virtual zones to facilitate SMEs to capitalise on the convergence of exponential growth of the internet economy and cross-border eCommerce activities.
DFTZ aims to:
- Help SMEs to export their products globally with ease
- Enable global marketplaces to source from Malaysian manufacturers/sellers
- Make Malaysia the regional fulfilment hub for global brands to reach ASEAN buyers
- Nurture an ecosystem to drive innovation in eCommerce and internet economy
Incorporating a Company
Just like any other company, the first step to getting your business off the ground is to incorporate it. By incorporating your company you are able to take advantage of structures which have been in placed to assist businesses. These structures include having a credible image for your business – by incorporating your business it shows your legitimacy and provides a stronger trust for your customers. Other structures include tax incentives, perpetual succession and many more.
At Business Advisory Services PLT we serve a variety of internet businesses, from company incorporation to accounting and tax. Get started right and get your finances in order. If you would like to know more on how to incorporate a company or our accounting services, contact us today to set up a free consultation session with one of our business representatives who would gladly assist you with and questions you have.